(b) the leasehold interests in the units are terminated;
(c) claims against the leasehold interests that do not secure the payment of money are
extinguished, unless the lessor consented to their registration, in which case they are
continued against the lessor’s interest; and
(d) claims against the leasehold interests that secure the payment of money are claims
against the persons who were owners of the leasehold interests immediately before the
termination of those interests, and not against the land. 1998, c. 19, s. 175 (1).
Section 127 does not apply to a leasehold condominium corporation. 1998, c. 19,
s. 175 (2).
Appointment of trustee(3)
Despite section 129, before the time at which this Act ceases to govern the property,
the corporation shall appoint a trustee to pay out the money remaining in the corporation’s
reserve fund in accordance with this section. 1998, c. 19, s. 175 (3).
Distribution of money(4)
When this Act ceases to govern the property, the trustee shall pay out the money
remaining in the reserve fund at that time in accordance with the following priorities:
1. To the lessor, the amount, if any, that is required to repair damage to the property that
has not been repaired.
2. To each of the owners, a share of the balance in the same proportion as their common
interests, subject to subsection (5). 1998, c. 19, s. 175 (4).
Payment of secured claims(5)
Before paying out a share of money payable to an owner, the trustee shall deduct from
the share the amount of claims against the owner that secure the payment of money and shall
remit the deduction to the persons entitled to the claims. 1998, c. 19, s. 175 (5).
This Act applies despite any agreement to the contrary. 1998, c. 19, s. 176.
The Lieutenant Governor in Council may make regulations,
1. classifying corporations, properties or persons for the purposes of the regulations;
2. specifying prohibitions, restrictions and other requirements that apply to the registration
of a declaration and description in respect of any type of corporation;
3. specifying requirements for the construction of the buildings described in a description
for the purpose of a certificate mentioned in clause 8 (1) (e) or 157 (1) (c);
4. specifying material to be included in a declaration, a description, a report of a
performance audit mentioned in subsection 44 (8), a table of contents, a disclosure
statement, a budget statement, a status certificate, an agreement described in clause 98